Common use of Extraordinary Corporate Transactions Clause in Contracts

Extraordinary Corporate Transactions. If the Company recapitalizes or otherwise changes its capital structure, or merges, consolidates, sells all of its assets or dissolves (each of the foregoing a "Fundamental Change"), then thereafter upon any exercise of Options granted hereunder, Optionee shall be entitled to purchase under such Options, in lieu of the number of shares of Common Stock as to which such Options shall then be exercisable, the number and class of shares of stock and securities to which Optionee would have been entitled pursuant to the terms of the Fundamental Change if, immediately prior to such Fundamental Change, Optionee had been the holder of record of the number of shares of Common Stock as to which such Options are then exercisable. If the Company shall not be the surviving entity upon the occurrence of a Fundamental Change, the Options granted hereunder shall be governed by subparagraph 6(i) of the Plan.

Appears in 2 contracts

Samples: Incentive Stock Option Agreement (Century Bancshares Inc), Nonqualified Stock Option Agreement (Century Bancshares Inc)

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Extraordinary Corporate Transactions. If the Company recapitalizes or otherwise changes its capital structure, or merges, consolidates, sells all of its assets or dissolves (each of the foregoing a "Fundamental Change"), then thereafter upon any exercise of Options granted hereunder, Optionee shall be entitled to purchase under such Options, in lieu of the number of shares of Common Stock as to which such Options shall then be exercisable, the number and class of shares of stock and securities to which Optionee would have been entitled pursuant to the terms of the Fundamental Change if, immediately prior to such Fundamental Change, Optionee had been the holder of record of the number of shares of Common Stock as to which such Options are then exercisable. If the Company shall not be the surviving entity upon the occurrence of a Fundamental Change, the Options granted hereunder shall be governed by subparagraph 6(iSection XII(c) ("Change of Control") of the Plan.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Century Bancshares Inc)

Extraordinary Corporate Transactions. If the Company recapitalizes or otherwise changes its capital structure, or merges, consolidates, sells all of its assets or dissolves (each of the foregoing a "Fundamental Change"), then thereafter upon any exercise of the Options granted hereunder, hereunder Optionee shall be entitled to purchase under such Optionsoption, in lieu of the number of shares of Common Stock as to which such Options shall then be exercisable, the number and class of shares of stock and securities to which Optionee would have been entitled pursuant to the terms of the Fundamental Change if, immediately prior to such Fundamental Change, Optionee had been the holder of record of the number of shares of Common Stock as to which such Options are then exercisable. If the Company shall not be the surviving entity upon the occurrence of a Fundamental Change, Change the Options granted hereunder shall be governed by subparagraph 6(i6(j) of the Awards Plan.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Century Bancshares Inc)

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Extraordinary Corporate Transactions. If the Company recapitalizes or otherwise changes its capital structure, or merges, consolidates, sells all of its assets or dissolves (each of the foregoing a "Fundamental Change"), then thereafter upon any exercise of Options granted hereunderan option theretofore granted, the Optionee shall be entitled to purchase under such Optionsoption, in lieu of the number of shares of Common Stock as to which such Options option shall then be exercisable, the number and class of shares of stock and securities to which the Optionee would have been entitled pursuant to the terms of the Fundamental Change if, immediately prior to such Fundamental Change, the Optionee had been the holder of record of the number of shares of Common Stock as to which such Options are option is then exercisable. If the Company shall not be the surviving entity upon the occurrence of a Fundamental Change, the Options granted hereunder shall be governed by subparagraph 6(i6(n) of the Plan.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Mail Well Inc)

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